admin
which are threatening operations of commercial banks due to their popularity.
Presenting the monetary policy statement last week, RBZ Governor Dr Gideon Gono said monetary authorities would provide legal and regulatory guidelines on payment systems oversight, E-money and electronic payments and agency banking in a sector that is currently not covered by banking laws.
Mobile money transfer companies would also be required to conduct their banking services through commercial banks.
Dr Gono acknowledged that the economy had benefited immensely from the introduction of mobile banking services with greater access to products such as remittance transfer.
“We advise mobile money transfer services are merely a payment system or delivery channel which does not amount to deposit taking,” Dr Gono said.
Economic commentators expressed mixed feelings over the proposals by the central bank.
Economic commentator Dr Eric Bloch said the introduction of guidelines and policies to regulate mobile financial service providers would ensure transparency and speed up operations within the banking sector.
“The move by Government to regulate the sector will prove beneficial to the banking sector through diminishing operations costs and create financial stability in the sector.
“To the banking public the move will ensure cost efficiency through reduction of charges and improve business operations by mobile financial service providers,” he said.
He urged players in the banking sector to embrace the technology used by mobile financial service providers to stay relevant in the banking sector.
Dr Bloch said the move by RBZ would even the playing field between banks and mobile financial service providers.
An economist with a leading financial institution who preferred not to be named said the regulation of mobile financial services would result in a downward review of mobile money transfer charges that Government feels are on the high side.
“As players in the banking sector we are against any form of price controls since market forces drive and determine charge rates in the sector.
“There is a need for Government to engage mobile financial service providers in order to understand their structures and operations in relation to the charge rates,” said the economist.
The economist said it would be difficult for mobile financial service providers to reduce the charges if they did not have the required number of customers to sustain their operations.
“Once the mobile service providers have attained the required number of customers they are likely to reduce transfer charges since the volume of transfers would be capable of supporting their operations”.
Economic commentator Mr Trust Chikohora welcomed the proposed move by Government to regulate mobile financial services noting that a majority of financial transactions were now going through mobile operators.
“Mobile money transfer operators are likely to experience an increase in customers since Government supervision will boost public confidence in their business operations,” said Mr Chikohora.
He said banks should partner with mobile money transfer providers as banking institutions did not have the capacity to reach out to customers in remote rural areas.
“The partnership will be a win-win situation through providing efficient banking service throughout the country essential for economic development,” he said.
Bongani Ndlovu
Online Reporter